International Rectifier posts surprise 4Q profit

The Associated Press

International Rectifier Corp., which makes power management chips for satellites and aircraft, said Tuesday it swung to a fiscal fourth-quarter profit due to a sale of a business division, topping Wall Street's estimates.

Net income totaled $29.1 million, or 41 cents per share, compared with a loss of $50.4 million, or 69 cents per share, in the year-ago period. The latest-quarter results include a $96.1 million gain from the sale of the company's power control systems business, among other items.

Quarterly revenue dropped 22 percent to $159.6 million from $203.7 million in the previous year.

On average, analysts polled by Thomson Reuters expected a loss of 59 cents per share on sales of $146.6 million.

For the year, the company lost $247.4 million, or $3.42 per share, compared with a loss of $59.2 million, or 81 cents per share, in fiscal year 2008. Annual revenue tumbled by a quarter to $740.4 million from $984.8 million in the prior year.

Analysts had estimated a larger $4.35-per-share loss on revenue of $727.4 million.

The company said it expects fiscal first-quarter revenue between $165 million and $175 million, well above analysts' average estimate of $155.2 million.

International Rectifier's shares added 8 cents to close at $17.04 Tuesday, and jumped $1.16, or 6.8 percent, to $18.20 in aftermarket trading.